Acquisitions in Montana in 2022

Christy Sports has acquired Grizzly Outfitters, a specialty outdoor retail and rental operator in Big Sky, Montana. The acquisition, which closed December 15, 2022, expands Christy Sports' retail and rental footprint in Montana and preserves the Grizzly Outfitters brand and staff during the transition.

Trifecta Collective LLC, a trade-show platform backed by private equity firm GreyLion, acquired the International Mass Timber Conference (IMTC) and the International Mass Timber Report (IMTR) from Forest Business Network. Forest Business Network’s leadership (Craig Rawlings, Arnie Didier and Tom Waddell) will remain in place as Trifecta looks to grow the conference and report as part of its events portfolio.

Sparus Holdings, a portfolio company of Ridgemont Equity Partners, has acquired United Locating Services (ULS), a utility locating and damage prevention services provider with operations across the Midwest and Southwest. ULS's leadership team will remain in place to run the business within the Sparus platform; terms were not disclosed.

Installed Building Products, Inc. (IBP) has acquired Surface Purveyors, LLC, which does business as Lynch Insulation, adding approximately $5 million of annual revenue. The acquisition expands IBP's presence in Montana, with Lynch operating locations in Missoula and Hamilton and specializing in fiberglass and spray foam insulation for residential, multifamily, and commercial projects.

Jackson Infrastructure Services (JIS), a KLH Capital–backed utility and infrastructure services platform headquartered in West Jordan, Utah, has acquired Victory Equity Construction (VECI), an underground telecommunications infrastructure contractor based in Missoula, Montana. The bolt-on expands JIS’s capacity and geographic footprint across the Mountain West and adds experienced field crews to serve growing rural fiber and utility demand.

Federal Signal Corporation has completed the acquisition of substantially all assets and operations of TowHaul Corporation for a purchase price of $46.1 million, subject to post-closing adjustments. The deal expands Federal Signal's product offerings in off-road towing and hauling equipment, strengthening its position in specialized vehicles for maintenance, infrastructure and mining markets.

Warburg Pincus agreed to invest $250 million in Montana Renewables LLC (an unrestricted subsidiary of Calumet Specialty Products) via participating preferred equity, valuing the business at a pre-commissioning enterprise value of $2.25 billion. Stonebriar Commercial Finance separately provided approximately $350 million of sale-and-leaseback financing (on top of an existing $50 million commitment), while Oaktree's $300 million convertible investment in MRL was retired.

Bernhard Capital Partners has launched a dedicated environmental services platform through the acquisition of KC Harvey Environmental, a Bozeman, Montana-based environmental consulting, land reclamation, and field services firm. KC Harvey will retain its headquarters and management team while Dirk Applegate joins Bernhard as a Senior Advisor to oversee the new platform; financial terms were not disclosed.

Peterson (Peterson Private Equity / Peterson Partners) has made a growth equity investment in Black Mountain Software, a Polson, Montana-based provider of government accounting, utility billing, and school district accounting software. The capital will be used to accelerate product expansion, innovation, and growth into new geographies, and Black Mountain has added Mike Fabrizio and Nate Quinn as co-CEOs to support that growth.

CreativeLive, a Fiverr company, has acquired the content and website assets of Wildist.co, a provider of outdoor and adventure photography workshops founded in 2018. The Wildist content will be folded into CreativeLive's photography course portfolio (the Wildist domain now redirects to CreativeLive), expanding CreativeLive's offerings for photographers.

Pomp's Tire Service, a family-owned chain based in Green Bay, Wisconsin, has acquired Whalen Tire of Butte, Montana. The acquisition adds Whalen's nine locations in Montana and Spokane, Washington to Pomp's footprint as part of the buyer's geographic expansion; financial terms were not disclosed.

UniFi Group has agreed to acquire a controlling interest in National Flood Services (NFS), with PEAK6 InsurTech retaining a minority stake in the new joint venture. The transaction is expected to close in the third quarter of 2022 and UniFi will combine its insurance-focused technology and BPO capabilities with NFS's flood insurance platform to expand services and capabilities in the flood insurance market.

Accel Entertainment, Inc. completed the previously announced acquisition of Century Gaming, Inc. for $164.2 million in cash and stock. The deal expands Accel’s footprint into Montana and Nevada—adding more than 900 licensed locations and ~8,300 gaming terminals—and brings manufacturing capabilities through Century’s Grand Vision Gaming unit and Century’s player rewards programs.

Summit Fire & Security (a subsidiary of SFP Holding, Inc./Summit Companies) has completed the purchase of ByDesign LLC, dba Burtell Fire Protection, a Billings, Montana-based fire sprinkler and protection services provider. Burtell will continue providing inspections, service and maintenance across Montana, northern Wyoming and western North Dakota as part of Summit's branch network expansion.

DC Capital Partners Management, LP has acquired uAvionix Corporation, a maker of small form-factor communications, navigation, and surveillance avionics for unmanned and manned aircraft. The private equity firm said it will support uAvionix in scaling operations, expanding product capabilities, and pursuing adjacent and defense markets globally.

Los Angeles-based private equity firm Solace Capital Partners has acquired Sun Mountain Sports, a Missoula, Montana-based maker of golf bags, push carts and performance outerwear, from founder Rick Reimers. White Oak provided $40 million in term loan financing and a $10 million ABL revolver to support the transaction; Sun Mountain will remain headquartered in Missoula and be led by existing management with Ed Kowachek named CEO.

TopBuild Corp. (TruTeam) has acquired Billings Insulation, a residential insulation installer serving Montana and northern Wyoming. The acquired business generated approximately $6.5 million in revenue for the twelve months ended December 31, 2021 and will be integrated into TopBuild’s TruTeam installation platform to expand its regional footprint.

Kinderhook Industries, in partnership with REIC founder and CEO Kevin Fitzgerald, has acquired Rental Equipment Investment Corporation (REIC). The private equity firm said the investment will accelerate REIC's organic growth and enable a program of strategic add-on acquisitions and new specialty site openings across its 32-location fleet.